ROCHESTER, N.Y. (WROC) — The vice president of a local bank was charged with wire fraud and money laundering after allegedly defrauding two victims out of hundreds of thousands of dollars, the U.S. Attorney’s office announced Monday.
34-year-old Timothy Siverd, a Rochester resident, was the vice president of Tompkins Community Bank. According to prosecutors, he used this position to defraud two victims that he personally knew, identified as Victim 1 and Victim 2. He allegedly used the money gained from Victim 2 to gamble, pay a co-conspirator, finance personal expenses, and repay Victim 1, who eventually grew suspicious.
According to prosecutors, Siverd convinced Victim 1 to spend a total of $158,429 over the course of four months.
In November 2021, Siverd allegedly convinced Victim 1 invest $25,000 in four residential duplexes in Rochester. However, a few weeks later, Siverd allegedly contacted Victim 1 said the investment had been called off due to mold problems. When Victim 1 asked for his investment money back, prosecutors said Siverd encouraged him to invest that and an additional $10,000 into a savings account. This account was never opened.
Around the same time, prosecutors said that Siverd encouraged Victim 1 to invest in a new real estate project — a complex of town homes on Cedar Rock Road in Webster. Siverd allegedly convinced Victim 1 to make payments for “The Carriages at Cedar Rock,” that totaled $48,429.
Also in December 2021, Siverd encouraged Victim 1 to invest in a complex of townhomes on Cedar Rock Road in Webster, NY, known as “The Carriages at Cedar Rock,” prosecutors said. Siverd allegedly convinced Victim 1 to make payments totaling $48,429 for the alleged purchase.
According to prosecutors, in January 2022, Victim 1 agreed to purchase a house on Keuka Lake with Siverd, and also invested $35,000 in the purchase of “Creek Crossing Townhomes” in Hilton.
For Keuka Lake, Victim 1 wired $40,000 to an account allegedly controlled by Siverd in February 2022.
Prosecutors accuse Siverd of stealing a total of $346,511.55 from Victim 2, none of which has been returned.
In March 2022, Siverd approached Victim 2, encouraging him to invest in a variety of opportunities.
Victim 2 first allegedly invested $161,191.55 to purchase “Greenwood Townhomes” in Rochester. Then, Siverd allegedly convinced Victim 2 to put forth $52,200 to acquire a company. Shortly after, Siverd allegedly told Victim 2 he was experiencing cash flow issues, for which he allegedly received a $25,000 loan. Finally, prosecutors said that Victim 2 allegedly invested $100,000 in Dunwood Green Apartments through Siverd.
According to prosecutors, none of these properties came to fruition. Eventually, Victim 1 began to request refunds, realizing the transactions were fraudulent. Siverd then allegedly returned $108,429 of the $158,429, paid for by funds obtained from Victim 2.
In response to the incident, a spokesperson for Tompkins Community Bank said the following:
We recently became aware of allegations involving a former employee, Timothy Siverd. Mr. Siverd has not worked at Tompkins since January 2022. We feel deep compassion for the affected individuals, and we hope for a swift resolution. These alleged actions are not in line with Tompkins Community Bank and its values.
If convicted, Siverd faces a maximum of 20 years behind bars and a $250,000 fine.